CytomX Therapeutics, Inc. (CTMX) Coverage Initiated at Wedbush
Wedbush initiated coverage on shares of CytomX Therapeutics, Inc. (NASDAQ:CTMX) in a research note issued to investors on Thursday, Marketbeat Ratings reports. The brokerage issued an outperform rating and a $26.00 price objective on the biotechnology company’s stock.
A number of other brokerages have also recently commented on CTMX. Cowen and Company reaffirmed a buy rating on shares of CytomX Therapeutics in a research note on Tuesday, August 8th. Zacks Investment Research cut CytomX Therapeutics from a buy rating to a hold rating in a research note on Monday, May 29th. BidaskClub raised CytomX Therapeutics from a sell rating to a hold rating in a research note on Saturday, July 8th. Bank of America Corporation reaffirmed a buy rating and issued a $30.00 price target (up from $28.00) on shares of CytomX Therapeutics in a research note on Wednesday, August 9th. Finally, ValuEngine cut CytomX Therapeutics from a hold rating to a sell rating in a research note on Thursday, May 11th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and six have assigned a buy rating to the company’s stock. The stock presently has an average rating of Hold and a consensus price target of $25.67.
CytomX Therapeutics (CTMX) opened at 17.16 on Thursday. The stock has a 50 day moving average of $14.82 and a 200 day moving average of $15.06. CytomX Therapeutics has a 52-week low of $9.85 and a 52-week high of $20.02. The stock’s market capitalization is $632.64 million.
CytomX Therapeutics (NASDAQ:CTMX) last released its earnings results on Monday, August 7th. The biotechnology company reported ($0.69) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.39) by $0.30. CytomX Therapeutics had a negative net margin of 206.33% and a negative return on equity of 84.61%. The business had revenue of $8.75 million for the quarter, compared to analyst estimates of $4.95 million. On average, equities research analysts forecast that CytomX Therapeutics will post ($1.49) EPS for the current year.
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In related news, CFO Debanjan Ray sold 2,500 shares of the stock in a transaction that occurred on Monday, July 3rd. The stock was sold at an average price of $15.47, for a total transaction of $38,675.00. Following the completion of the sale, the chief financial officer now directly owns 22,126 shares of the company’s stock, valued at approximately $342,289.22. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Sean A. Mccarthy sold 9,930 shares of the stock in a transaction that occurred on Friday, September 1st. The stock was sold at an average price of $17.32, for a total value of $171,987.60. Following the sale, the insider now directly owns 14,175 shares of the company’s stock, valued at $245,511. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 70,229 shares of company stock valued at $1,145,499. 8.00% of the stock is currently owned by company insiders.
A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. FMR LLC increased its stake in CytomX Therapeutics by 0.6% during the 2nd quarter. FMR LLC now owns 5,512,459 shares of the biotechnology company’s stock worth $85,444,000 after purchasing an additional 34,732 shares in the last quarter. Perceptive Advisors LLC increased its stake in CytomX Therapeutics by 65.7% during the 1st quarter. Perceptive Advisors LLC now owns 1,530,659 shares of the biotechnology company’s stock worth $26,434,000 after purchasing an additional 606,896 shares in the last quarter. Vanguard Group Inc. increased its stake in CytomX Therapeutics by 12.2% during the 2nd quarter. Vanguard Group Inc. now owns 924,138 shares of the biotechnology company’s stock worth $14,323,000 after purchasing an additional 100,607 shares in the last quarter. EcoR1 Capital LLC bought a new stake in CytomX Therapeutics during the 1st quarter worth approximately $13,729,000. Finally, Redmile Group LLC increased its stake in CytomX Therapeutics by 2.4% during the 2nd quarter. Redmile Group LLC now owns 698,392 shares of the biotechnology company’s stock worth $10,825,000 after purchasing an additional 16,500 shares in the last quarter. 59.97% of the stock is owned by institutional investors and hedge funds.
About CytomX Therapeutics
CytomX Therapeutics, Inc is a clinical-stage, oncology-focused biopharmaceutical company. The Company uses its Probody technology platform to create cancer immunotherapies against clinically validated targets, as well as to develop cancer therapeutics against difficult-to-drug targets. Its pipeline is focused on the development of therapies in a set of modalities: Probody cancer immunotherapies, Probody drug conjugates, T-cell engaging Probody bispecifics and ProCAR-NK cell therapies.
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